Table of Contents
Table of Contents
Blog Summary: This blog is an extensive guide to help insurance company decision-makers build an insurance app. By analyzing its benefits, challenges, revenue models, development cost, and required tech stack, they will be able to test their business potential.
In 2024, Insurance mobile app development will be the key to enhancing operational efficiency and boosting revenue for insurance companies and brokers. Given consumers’ preference for convenient experiences, mobile apps have become integral, and the insurance sector is poised to capitalize on this trend.
According to the Business Research Company, projections indicate that the global insurance market is expected to reach USD 166.7 billion by 2030, emphasizing substantial opportunities. While numerous insurance apps already exist, there remains ample room for gaining a competitive edge.
This article will comprehensively cover all aspects of insurance app development, including essential features, case studies, advantages of insurance apps, technological considerations, and development best practices. Let’s delve into it.
Insurance mobile app development for your business simplifies your everyday operational workflows with quick and easy communication across insurance companies and customers.
Hence, having a mobile app for your insurance business has become an integral technology for businesses to adopt in this era. Here’s how it automates manual processes and eliminates paperwork:
When purchasing an insurance policy, a user needs to understand the product and service properly. If a customer is close to drawing up a policy, an in-app Chatbot provides them with round-the-clock assistance from a local insurance agent to process their user requests as and when they arise.
Moreover, with consumer behavior analytics, you can close a deal faster by providing personalized offers on your insurance deals.
Customer experience is the primary benefit that users look for when they decide to interact with an app. An insurance mobile app elevates that experience by minimizing the involvement of the insurance agents between the insurance service providers (companies) and the users.
With real-time interactions, the insurance companies aim to bring the following advantages by marketing their financial products for insurance coverage:
Developing an insurance mobile app allows customers to easily access all the information, download documents, and submit claims directly from their devices. Push notifications also add to the customer experience by keeping users informed of premium payments and renewals.
Users can view details easily, browse new policies in real-time, update their personal details, and pay premiums seamlessly. Similarly, businesses can benefit from it by reducing administrative tasks through automated manual processes.
Insurance mobile app development offers a trouble-free claim processing system that helps save time for the business. It allows them to dedicate that time towards more important tasks like acquiring new customers. Through payment features, users can conveniently pay the premium amounts as payment gateway integration is also enabled.
Real-time notifications are beneficial for updating users about their policy renewals, premium payments, next payment due date, and any discounts on deals. They are also helpful in speeding up the policy purchase and binding processes. With AI, companies can also build risk profiles based on an individual’s behavior.
Insurance mobile app development enhances the convenience of digital and remote communication channels with self-service, eliminating all the paperwork and the need to visit an insurance agency. With personalized policies, customers get 24×7 support from the comfort of their homes.
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Generally, insurance mobile apps are developed for separate products for policyholders and insurers. For example, Lemonade provides insurance to homeowners and renters.
Similarly, Allstate offers different insurance services, such as life, vehicles, and property. Depending on the following types, you can choose the type that fits your needs:
Insurance mobile app development for policy management automates all the end-to-end processes of handling insurance services. These include underwriting, generating proposals, renewing and canceling policies, claim processing, and checking compliance standards.
By reducing the manual processes behind issuing policies, businesses can make focused decisions about targeting new markets. Policy management apps help transform operational efficiencies 360 degrees. They also help reach target markets and acquire new customers.
For example, BriteCore is a North American intuitive cloud-based platform for managing policy claims of assets like house, car, and liability insurance policies. With Amazon Web Services for deployment, it offers continuous updates for maximum security.
Insurance quoting apps accelerate the operations of generating, managing, and delivering quotes by simplifying the quoting process for all the involved parties. The foundation of these insurance mobile apps lies in swift and accurate calculations of insurance premiums.
They replace filling out long applications and the time-consuming processes of insurance agents with precise insurance quotes in real-time. They automate complex calculations, minimize errors, and streamline the underwriting process.
Common features include multiple-line support, customer profiling, data analytics, document management, quoting APIs, integration capabilities, and much more. For example, HealthSherpa is a California-based health insurance quoting app providing low processing prices, an admin website, and a built-in CRM for tracking.
Vehicle insurance app development involves gathering information through smartphone sensors by tracking driving practices and driving behavior. By monitoring driving behavior, they provide roadside assistance and send maintenance reminders.
Businesses can influence premium amounts by building and offering personalized policies based on data and driving habits. Other features of these vehicle insurance apps include in-app ID cards for instant proof of insurance, on-the-spot claim submission filing, and cost estimates for future repair.
For example, the Government Employees Insurance Company (GEICO) is a US-based private auto insurance company that covers RVs, ATVs, boats, motorcycles, and commercial autos. It offers app features like vehicle care, which tracks a car’s history, finds nearby gas stations, and uses AR to locate parked cars.
Home insurance app development provides customized coverage for homeowners, enabling them to receive assistance related to home insurance matters. Customers can easily add or remove the coverage options like earthquake or flood insurance.
These insurance mobile apps also provide integration features with smart home technology for smoke detection, leak sensors, and home monitoring services to prevent fires, water damage, and thefts to lower claim costs.
For example, Liberty Mutual is a home insurance company in the US that provides homeowners with easily accessible coverage resources. It also offers features for managing policies, extended add-ons, inflation protection, and identity fraud expenses. A paperless policy and new roof installment also offer reduced premiums.
Travel insurance app development helps you earn revenues by allowing policyholders to minimize traveling risks and cover sudden, unexpected expenses in emergencies. Other features include protection from emergency medical expenses, luggage loss, and loss of travel documents.
These apps enable insurers to apply for a pay-per-day policy. With travel insurance apps, users can automatically receive a new policy when traveling to another country. It also covers expenses for trip delays, flight cancellations, and other interruptions.
For example, TravelSmart is a US-based travel app that enables travelers to file and track claims. They can also receive real-time flight status updates up to three days before departure. The app allows easy communication with foreign medical personnel in foreign countries with an international first-aid terms translator.
Life insurance app development does not require regular interactions between policyholders and insurers. However, these apps provide services to secure users throughout their lives and offer protection against financial obligations. They also provide faster coverage estimates to help users receive timely policy updates and track claims.
Businesses can benefit from these insurance mobile apps by increasing user satisfaction and assisting in optimizing operating costs. Hence, life insurance apps are a worthwhile investment to streamline daily activities and provide quick access to choosing the correct insurance policy.
For example, Prudential Financial is an American Fortune Global 500 company that provides insurance, retirement planning, annuities, mutual funds, and investment management for retail and institutional customers.
When users choose an app, they consider convenience, accessibility, and some advanced features, allowing them to select one over another. For example, when choosing a car insurance app, they would want a feature of roadside assistance.
Hence, each app has some specific features depending on the type, apart from the basic features of an insurance app listed below.
The most important feature of an insurance mobile app is user registration with sign-up & login features. Users can easily register their account by entering their email ID and phone number. You can also allow integration with social media accounts to gather the required information for automatic linking and signing in.
This feature allows users to view details of their policies, manage them, and browse all the available policies. To ensure this feature works smoothly, users must be able to generate a search by entering specific keywords. The feature also enables them to renew their policies and purchase new ones. Further, based on customer history, they should also receive recommended policies.
Claims filing, tracking, and submitting are some of the most common features of insurance apps. Users can file claims directly through the app and also track the progress of their claims. While developing an insurance app, developers must focus on providing a straightforward form submission and a claim tracking feature. They can upload photos and documents for seamless claim filing.
The premium payments feature allows users to make premium payments easily with payment gateway integration. Building an insurance app is incomplete without payment gateways, as this module allows insurers to choose their preferred payment method. They can also set instructions for automated payments and set reminders.
Under this feature, users can store electronic versions of all their insurance policy-related information. The storage repository includes prior payments, current documents, and old documents. It also enables users to browse additional policy quotations and choose products that align with their interests.
Users can receive regular notifications and prompt alerts regarding any changes in the progress of claim filing, due premiums, renewal reminder dates, and new policies. By developing this feature of a business insurance app, insurance companies can increase sales and repeat customer visits.
The app sends push notifications and in-app alerts to users for regular updates about discounts and deals on policies.
Customer support is an essential feature that enables users to stay in touch with the insurance company and their customer support agents directly from the app. It includes building a Chatbot for live chat, email support or calls to receive round-the-clock assistance at their convenience.
With numerous insurance policies available in the market, comparing policies is a significant feature to add to an insurance mobile app. Before signing up for an app, users should be able to compare these policies to zero in on the best deal. They can compare policies based on period, registration process fees, and interest rates.
Integrating reporting analytics can enable recommendations and facilitate interactions with external systems like Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM). With custom reports on performance, region, and profiling, you can create personalized recommendations for users to help them choose ideal policies.
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The tech stack you choose for developing an insurance app highly depends on the development process and the underlying platform. However, app development still remains an extremely complex process that requires a deep understanding of the tech stack.
For a solid foundation, an insurance app development company can help you build a robust app backend by selecting the right libraries, frameworks, languages, and development toolkits. Following are some of the technologies that our development team recommends:
The front-end programmers build intuitive navigation across different menu categories, a responsive layout, user-friendly forms, personalized dashboards, and security protocols.
The back end includes robust user authentication, premium evaluations, and data storage. Hence, the back-end needs integration with external systems for efficient risk management.
In insurance app development, database management involves structuring and organizing vast amounts of data related to policies, customer information, claims, transactions, and risk assessments.
Server-side management is an essential part of developing an insurance app that involves handling backend processes. These include data processing, business logic implementation, authentication, and authorization, ensuring secure and efficient operations to support client interactions and transactions.
Developing an insurance mobile app requires insurance agents and brokers to provide a unified experience that is essential to engaging customers. Policyholders’ data is extremely sensitive, and conventional methods leave them vulnerable to fraudulent activities.
Hence, careful planning and execution are required to ensure the insurance mobile app development services meet the needs of your business and customers.
Creating a mobile app for Insurance begins with meticulous planning. Building a minimum viable product (MVP) is a smart approach to test market viability. It involves gradual product evolution and rollout.
Thorough market analysis, including competitor research, identifying essential features, understanding target audience preferences, and staying updated on market trends, is crucial prior to MVP development.
Our team specializes in crafting functional MVPs, offering assistance from market research to full-scale development to ensure a successful insurance mobile app launch.
Collect references reflecting your tastes and expectations to guide the designer. Mood boards convey the desired product feeling and streamline UI design. Plan user interaction with a mind map. Ensure your partner designs a UI kit for scalability and support.
Development of the front end and back end commences here. The front end emphasizes the user interface, while the back end handles server-side operations like data management and logic.
We adopt Scrum and Agile, dividing app development into sprints for transparency and goal achievement, ensuring client involvement throughout the process.
During this phase, the UI/UX design is transformed into a functional mobile app by backend and front-end programmers. The project manager monitors development progress and sets milestones for timely completion.
Deadlines are established for server-side functionalities, endpoint creation, and backend API integration. Extensive time is dedicated to secure backend coding for insurance mobile app integrity.
Regular communication between QA testers and backend developers ensures quality assurance. Following development, rigorous testing is conducted to identify vulnerabilities in endpoints and user interfaces.
We ensure your product is accepted and published on various platforms. Feedback from early adopters guides further development and enhancements, and user reviews offer valuable insights for product growth and enhancement.
Post-release support is available, offering maintenance, bug fixes, codebase supervision, UI/UX adjustments, and compliance with Google and Apple updates. Monthly support depends on your needs.
After launching on the Apple App Store and Google Play Store, promptly gather and analyze user feedback for rapid improvements. Aim to increase user engagement as more users mean more feedback, leading to quality enhancements.
Continuously integrate complaints and suggestions to refine the platform and insurance offerings. Post-launch, prioritize end-user feedback for iterative improvements, ensuring your product remains dynamic and user-centric.
Having a business model in place helps your business outline all the steps needed to ensure generating a steady revenue stream for your insurance mobile app. Hence, large and small insurance companies have moved towards realigning and modifying their revenue models with stronger services.
With evolving consumer demands, insurance businesses are trying to attract more customers with subscription-based on-demand business models. It’s advantageous because it has many features to provide, like multi-plan options, no expiration dates, and plug-and-play RESTful APIs.
For example, Allianz Turkiye enabled complete on-demand insurance products for brokers and customers.
Usage-based insurance mobile apps facilitate pay-per-mile, where owners pay premiums based on the miles they drive instead of fixed premiums. It charges owners based on their vehicle use and provides flexibility, reduced costs, and improved performance. Companies can also cultivate user loyalty with consistent interactions and harvesting real product usage data.
The benefit of a freemium model is that even people who are not customers but want insurance services can avail themselves of free services and products.
For example, Smile is a Switzerland-based online insurance mobile app with a cloud-first strategy that introduced a freemium model. Users can immerse themselves in its services without opening an account or taking a policy.
A commission-based model for an insurance app involves earning revenue through commissions on sold insurance policies. For example, Policybazaar offers home insurance through their app, often partners with multiple insurers, and earns a commission for each policy sold through their platform.
In this model, the app partners with insurance providers to offer their products, and both parties share the revenue generated from selling insurance policies. For example, Root Insurance partners with other insurance providers like Homesite and Aon to offer homeowners, renters, and auto insurance.
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The cost of developing an insurance app depends heavily on its complexity, number of basic and advanced features, and technology stack.
Here’s a tentative breakdown of estimated hours, weeks, and costs at the discovery stage:
| Project Phase | Estimated Costs | Estimated Weeks | Estimated Hours |
| Project Analysis and Design | USD 4,000 | 4 | 95 |
| Coding Structure and Architecture | USD 33,000 | 7 | 680 |
| Quality Assurance and Testing | USD 5,000 | Parallel with development | Ongoing with the project |
| Project Management | USD 3,500 | Parallel with development | Ongoing with the project |
Investing in an experienced app development company can help you simplify your association with the users. However, it also poses many challenges that you might encounter:
Investing in an insurance mobile app development company will be a strategic move by partnering with Moon Technolabs. We help your insurance business elevate its market position by enhancing operational efficiency through intuitive interfaces, artificial intelligence and ML, and robust security for user data protection.
Depending on your unique goals, we can help you develop customer service portals, client management software, and predictive analytics solutions. We have the experience and expertise required to build customizable and complex native apps and cross-platform apps.
With custom features, back-end, APIs, and UI/UX, we guarantee quality solutions with qualified app developers.
Jayanti Katariya is the CEO of Moon Technolabs, a fast-growing IT solutions provider, with 18+ years of experience in the industry. Passionate about developing creative apps from a young age, he pursued an engineering degree to further this interest. Under his leadership, Moon Technolabs has helped numerous brands establish their online presence and he has also launched an invoicing software that assists businesses to streamline their financial operations.
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